Southern Pacific Adds Significant Acreage to Its Holdings

Southern Pacific Resource Corp. ("Southern Pacific" or the "Corporation") (TSX VENTURE: STP) is pleased to report that it has signed a binding letter of intent, dated May 31, 2007, to acquire an 80% interest in 76 sections (38,912 acres net to Southern Pacific) of land in the Fort McMurray area of the Athabasca Oilsands fairway. This area is very active with "SAGD" (steam assisted gravity drainage) projects in various stages of development. This land adds to the existing 25 sections that Southern Pacific currently holds. Southern Pacific will acquire the interest in the project for total consideration of $16,000,000. The consideration to be paid includes a cash payment of $9,600,000 and the issuance of Southern Pacific shares with a deemed value of $6,400,000.

The land is being acquired from Bounty Developments Ltd., who holds greater than 10% of the issued and outstanding common shares of the Corporation; in addition Mr. Jon Clark is both an employee of Bounty Developments Ltd. and a director of the Corporation.

The lands have been evaluated by the Corporation and based on the management evaluation; the Corporation is very excited about the prospectivity of this new acquisition. There has not been an independent resource evaluation prepared on the newly acquired lands, but the Corporation intends to have this completed as soon as possible. Once NI 51-101 compliant reports on the prospects are completed, additional information will be released relating to the lands and the future exploration and development plans.

The Corporation has plans to continue to expand its land base through future Crown land sales as well as through the continuing evaluation of other acquisition opportunities.

Following the closing of the transaction, the first stage of the project is to shoot an extensive 2D seismic program and to offset existing oil sand pay on the land by drilling a number of vertical test wells. The objective is to delineate the size and number of oil sands resources for future SAGD development plans.

Southern Pacific recently completed its winter drilling program. The drilling, coring and logging of all wells in the 17 well program was completed on March 22, 2007. The wells covered only 8 sections out of the total of 25 sections held by the Corporation. The information from the winter drilling program is being evaluated by Degolyer and MacNaughton, the independent reservoir engineering firm chosen by the Corporation. The results of this evaluation will be part of the updated reserve report which is being prepared by Degolyer and MacNaughton. It is anticipated that this evaluation will be completed in June.

Safe Harbour

Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Southern Pacific Resource Corp. Dave Antony (403) 531-1710 Email: dantony@shpacific.com Website: www.shpacific.com